https://www.taxtmi.com/caselaws?id=259849 The reassessment proceedings were upheld as valid by the Tribunal due to the competent initiation by the Assessing Officer within the prescribed time frame. The rejection of additional evidence under Rule 46A was affirmed as the appellant failed to meet the criteria. The Tribunal rejected the claim of violation of natural justice, citing the appellant's failure to cross-examine witnesses. The addition of Rs. 8.70 crores was upheld, with the Tribunal apportioning the amount among shareholders, confirming Rs. 3,48,10,000 in the appellant's hands and allowing further assessment for the remaining sum. en-us Fri, 15 May 2015 00:00:00 +0530 Sat, 23 Jan 2016 10:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=259849 The reassessment proceedings were upheld as valid by the Tribunal due to the competent initiation by the Assessing Officer within the prescribed time frame. The rejection of additional evidence under Rule 46A was affirmed as the appellant failed to meet the criteria. The Tribunal rejected the claim of violation of natural justice, citing the appellant's failure to cross-examine witnesses. The addition of Rs. 8.70 crores was upheld, with the Tribunal apportioning the amount among shareholders, confirming Rs. 3,48,10,000 in the appellant's hands and allowing further assessment for the remaining sum. Case-Laws Income Tax Fri, 15 May 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=259849